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Nickel futures traded lower by 0.28% to Rs 701.20 per kg largely in tune with weak overseas trend amidst subdued demand from alloy-makers at domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in September weakened by Rs 2, or 0.28%, to Rs 701.20 per kg in a business turnover of 36 lots.
Similarly, the metal for delivery in August was down by Rs 1.90, or 0.27%, at Rs 694.20 per kg in 683 lots.
Analysts said apart from weak demand from alloy makers at domestic spot markets, a weak trend in the base metals pack at the London Metal Exchange on speculation US interest rates will be increased as soon as next month weighed on nickel prices at futures trade here.
